The Development Bank of the Philippines (DBP) and the Local Government of Manila today, May 21, signed a P10 Billion 15-year term loan agreement to fund public infrastructure projects in the capital.
Specifically, the city government will use the fund to build school buildings in three districts, as well as a housing project for Manila's informal settlers and urban poor, according to DBP President and Chief Executive Officer Emmanuel G. Herbosa.
Manila's LGU will construct three 10-storey “high-impact” buildings for Rosauro Almario Elementary School in District 1, Dr. Albert Elementary School in District 4, and Manila Science High School in District 5.
In addition, the local government would bankroll three in-city vertical housing buildings for the poor along San Sebastian, San Lazaro, and Pedro Gil Streets.
Earlier, DBP has granted a P5-billion loan granted to the city of Manila to finance social development projects such as the 10-storey Bagong Ospital ng Maynila, in-city vertical housing projects in Tondo and Binondo, plus the re-development of Manila Zoo.
“DBP is honored to be a part of the City Government of Manila's efforts to ramp up social services for its residents,” Herbosa announced during today's loan signing ceremony in Tondo, the birthplace and place of residence of incumbent Mayor Francisco “Isko Moreno” M. Domagoso.
“DBP recognizes that the LGU sector plays a crucial role in spreading the gains and multiplying the benefits of development,” Herbosa said.
“As a development catalyst, DBP will always support the growth of smart and sustainable communities nationwide," he stressed.
DBP is ramping up support for local governments under its flagship Assistance for Economic and Social Development program.
The initiative supports the local government units’ initiatives on market infrastructure development and improvement, social welfare, health care, and other public infrastructure projects that spur local economic activity.
Aside from being the country’s capital, Manila is a center of trade and finance as most of the country’s national imports and exports pass through the city’s ports.
Manila ranks third in the list of richest cities in the country with total assets of P64.8 Billion, according to the latest Commission on Audit report.